I have got the house 22 months ago. It is financed by PHFA. We have to relocate to another state. I wonder if there are restrictions for us to rent this house to somebody else
2007-09-02 02:56:58 · 2 answers · asked by mouskeer 1 in Business & Finance ➔ Renting & Real Estate
Most lenders loan the $$$ on an owner occupied basis ,
Investment loans for landlords are different (different insurance)
But with the mortgage crisis , as long as they are getting the payments ,
They probably won't investigate .
Keep up the payments and hope the new renters can cover your mortgage (which , normally takes 5 years before the rental market can cover old mortgage cost )
You may have to rent with negative cash flow if you have only held for 2 years , unless you put like 20% or more down .
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2007-09-02 03:04:47 · answer #1 · answered by kate 7 · 0⤊ 0⤋
Nope... they just want their monthly payment to be on time.
2007-09-02 03:01:13 · answer #2 · answered by minitrail70 5 · 0⤊ 0⤋